Narrowband IoT (NB-IoT) Market Explores New Growth Opportunities from 2020 to 2025

Increases number of competitors to encourage competition in the global narrowband IoT (NB-IoT) market. Key players are deploying this technology to provide faster services to their customers and to gain competitive edge. Some of the noticeable players in the global narrowband IoT (NB-IoT) market are Quectel Wireless solutions Co. Ltd., Vodafone Group plc, u-blox, Etisalat Corporation, Huawei Technologies Co. Ltd., Nokia Corporation, and China Unicom.

Leading players in the market are engaged in strategic decisions such as collaboration, partnership, expansion, and mergers. For example, China Unicom partnered with Huawei to launch NB-IoT based smart parking solution. This partnership will improve the operation management capabilities and efficiency in Shanghai. Other companies are also using this technology in areas and applications.

Significant growth in IoT connections and applications, there are high chances of growth in the global narrowband IoT market. This market is expected to rise at staggering CAGR of 33.12% over the projected period 2017 to 2025. If the market see the growth at this rate, the market valuation is likely to reach US$1.05 bn by 2025.

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Application of narrowband IoT is widely seen in comprise smart agriculture, smart bicycles, smart wearable, smart kids monitoring solutions, engineering truck predictive maintenance solution, logistics and container tracking, and pollution monitoring. Regionally, Europe is likely to be at the forefront in driving demand in the global narrowband IoT market. However, Asia Pacific is also expected to contribute in expanding this market. Increasing investment in development of smart cities in emerging economies has further augmented demand in this market.

Easy Compatibility with Existing Cellular Networks to Expand Market Performance

Globally, the demand narrowband IoT technologies have grown significantly due to its rising application in multiple industries. In addition, high-end network coverage and increased security over LTE cellular technology are expected to further accelerate growth in this market. Narrowband IoT support key and prevalent chipset, mobile equipment, and module manufacturers. It also co-exists efficiently with 3G, 2G, and 4G mobile networks.

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Narrowband IoT (NB-IoT) Market – Economic Advantages of Smart Meters make it Leading Application Segment

Some of the prominent participants in the global narrowband IoT market are Huawei Technologies Co. Ltd., Ericsson Corporation, Nokia Corporation, Quectel Wireless solutions Co. Ltd., Sierra Wireless, Deutsche Telekom, China Unicom, Qualcomm Technologies Inc., Vodafone Group plc, u-blox SEQUANS Communications SA, ZTE Corporation, Intel Corporation, China Telekom, and Etisalat Corporation.

As per a report by Transparency Market Research (TMR), the global narrowband IoT market is expected to attain a value of US$1052.69 mn by the end of 2025, expanding at a jaw-dropping CAGR of 33.12% between 2017 and 2025.

In terms of component, the key segments of the narrowband IoT market are hardware, software, and services. Hardware segment accounts for the leading share vis-à-vis revenue mainly because of the rising adoption of NB-IoT technology across a number of industry verticals.

The key segments of the global narrowband IoT market depending upon application are smart metering, alarms and event detectors, smart bins, asset tracking, smart packing, and others. Of them, the segment of smart metering holds the leading share in the market as smart meters offer a number of advantages leading to its rising adoption.

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Europe stands as the leading regional market for narrowband IoT. The region being home to some of the key players in the industry along with early adoption of NB-IoT technology in the region account for the dominance of the region.

The growth of the global narrowband IoT market is primarily driven by growth in adoption of technology and widened application areas of technology for building smart cities. The Low Power Wide Area (LPWA) characteristic of narrowband IoT is leading to its rising adoption predominantly for the development of smart cities. NB-IoT offers a number of advantages such as very low power consumption, easy deployment into existing cellular network, lower component cost, excellent extended range in buildings and underground, and increased network security and reliability.

Narrowband IoT is supported by all major mobile equipment, chipset, and module manufacturers and it can co-exist with 2G, 3G, and 4G mobile networks. It also benefits from security and privacy features of mobile networks such as confidentiality, data integrity, support for user identity, and mobile equipment identification.

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Narrowband IoT is a newly released cellular narrowband standard from 3rd Generation Partnership Project (3GPP). The relation of narrowband IoT to long term evolution (LTE) and its use for a number of frequency bands is acting in favor of adoption of narrowband IoT. Using a bandwidth of 200 kHz, narrowband IoT offers improved indoor coverage as compared to GSM, battery life of more than 10 years, high level of security, and compatibility with existing low cost device as well as with existing cellular network infrastructure.

Furthermore, growing adoption rate of narrowband-IoT across the world, the widened application areas of narrowband IoT, and improved security and network coverage over LTE cellular technology is also anticipated to boost the growth of narrowband IoT market.

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